Seven state governments raised Rs. 143 billion through state government securities (SGS) on April 28, 2026, a sharp ~44% below the indicated amount as per the Q1 FY2027 auction calendar. The actual issuance by states that had adopted the Benchmark Issuance Strategy (BIS) continued to be in line with their indicated amounts for this auction. In contrast, the non-BIS states, Goa, Gujarat, Karnataka, Odisha, Punjab, Tamil Nadu and West Bengal had indicated borrowing of Rs. 110 billion on April 28, 2026, but did not participate. Moreover, Uttarakhand partially accepted bids (Rs. 3 billion vs. Rs. 5 billion) for its 10-year paper. Overall, the SGS issuance in April 2026 was 23% below the indicated amount, significantly narrower than the 40-80% shortfalls during April FY2023-FY2026, following in-line issuance by the BIS states.

EXHIBIT: Indicated and actual SGS issuances in Q1 FY2027 so far